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The Wall Street Analyst Forum TheThe WallWall StreetStreet AnalystAnalyst ForumForum 19th19th AnnualAnnual InstitutionalInstitutional AlternativeAlternative EnergyEnergy && CleanClean TechnologyTechnology InvestorInvestor ConferenceConference Rentech, Inc. March 26, 2008 Safe Harbor Statement This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as the Company’s timing for completion and production of its product demonstration unit and development of projects and the projected economics of such projects. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements include the ability of Rentech to have the financial means to fund proposed construction of the fuels plants, whether Rentech’s proposed product demonstration unit will operate successfully and other risks, including those set forth in the Company’s press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this presentation are made as of date given, and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law. RentechRentech –– U.S.U.S. LeaderLeader inin SyntheticSynthetic FuelsFuels ProductionProduction TechnologyTechnology • Environmentally sound • Rentech technology is CO2 capture-ready • Fuels from the Rentech Process have lower regulated emissions than petroleum diesel and jet fuel • Proven and superior technology • 25 + years of technology development • 21 U.S. patents, with 11 pending • Successfully deployed in operating facilities • 6 pilot plants • Constructing fully-integrated 10 bbl/d Product Demonstration Unit (“PDU”) • Strong basis for execution • Clear strategy • Experienced management NeedNeed forfor AlternativeAlternative FuelFuel MarketMarket InIn U.S.U.S. • Persistent high oil prices • Global demand trends • Instability in the Middle East and Africa • Supply limitations • Enhanced environmental awareness • Growing political consensus • Tightening EPA restrictions • National policy objective to enhance American energy self-sufficiency • Increase national security • Create millions of new U.S. jobs • Reduce trade and budget deficit • Generate economic interest and growth • Foster new technology development OpportunitiesOpportunities RemainRemain overover NextNext TwoTwo DecadesDecades 80 36 billion gallons/year 80 alternative fuels by 2022 70 70 60 14 billion? 60 50 XTL Fuels 40 50 30 20 2 billion 1st gen. biodiesel 40 10 0 5 billion cellulosic 30 4 6 9 1 3 6 8 0 0 0 08 0 1 1 15 1 1 2 0 0 0 0 0 0 0 0 2 2005 2 2007 2 20 2010 2 2012 2 2014 2 20 2017 2 2019ethanol2 20 10 15 billion corn ethanol Crude Oil Price, 2005 $/bbl Crude Oil Price, 2005 $/bbl 0 04 06 08 10 12 14 16 18 20 22 24 26 28 30 The Energy Independence and Security Act of 2007 Forecast source: EIA MarketMarket OpportunityOpportunity • Diverse and high value set of products 3.0 2.6 derived from Rentech Process • JP-8 and jet fuel 2.5 • Specialty chemicals - surfactants • Ultra low sulfur diesel fuel 2.0 • Military consumption 1.5 1.3 • Pentagon target to purchase 50% of its aviation fuel needs from domestic 1.0 aviation fuel needs from domestic Millions B/D 1.0 Millions B/D synthetic sources by 2016 • Commercial aviation consumption 0.5 .3 • FAA plans to certify use of blended synthetic fuels in commercial aircrafts in 2008 and use 0 Military Commercial Ultra-Low of pure synthetic fuels in 2010 Aviation Sulfur Diesel TheThe RentechRentech ProcessProcess Pet Coke Syngas Converted Hydrocarbons Coal Diesel Rentech Process Upgrading Biomass Jet Gasification Gasification Municipal Waste CO2 Capture Ready TheThe RentechRentech ProcessProcess Pet Coke Syngas Converted Hydrocarbons Coal Diesel Rentech Process Upgrading Biomass Jet Gasification Gasification Municipal ChemicalChemicalChemical Process,Process,Process, NotNotNot Waste PowerPowerPower PlantPlantPlant Non-detectable emissions CO2 Capture Ready TechnologyTechnology AdvantagesAdvantages • Wide range of potential feedstock, including coal of various Feedstock qualities, petroleum coke, natural gas, municipal waste and Flexibility biomass • Slurry reactor Lower • Higher on-line time and throughput Costs • Lower pressure drop and excellent temperature control • Ease of scale-up • Iron-based catalyst Stable • Higher diesel production Performance • Significantly lower risk of sulfur poisoning • Lower cost with simple disposal • Can use multiple commercially available proven technologies on Flexible front and back-end UltraUltra--CleanClean FuelFuel • High Performance • Higher cetane index improves engine performance • Existing infrastructure • Today’s pipelines • Today’s engines • Environmentally superior fuel • Significant emissions reduction • Exceeds global sulfur and aromatics requirements • Storage stability • Long shelf life (≥ 8 years) • Biodegradable LowerLower RegulatedRegulated EmissionsEmissions Carbon Nitrogen Hydrocarbon Monoxide Oxide Particulates 0 10 20 Sulfur Diesel, % Sulfur Diesel, % - - 30 40 50 60 Cruising 70 Idling Lower Emissions than Low Lower Emissions than Low 80 U.S. Military Testing LessLess CarbonCarbon DioxideDioxide WellheadWellhead toto WheelsWheels 1200 1000 800 600 400 g CO2-eq/mile in SUV 200 0 IL#6 CoalBaseline Venezuelan Syncrude IL #6 Coal With Sequestration Extraction/Production Refining Transport End Use Based on Marano-Ciferno CTL Study for NETL CarbonCarbon ReductionReduction PlanPlan • Test various biomass feedstock at Production Demonstration Unit • Install commercial biomass gasification unit at Rentech Energy Midwest Corp • Produce synthetic fuels on a large commercial scale through a co-feed of biomass with coal or petroleum coke • Produce renewable ultra clean synthetic fuels at small scale standalone biomass facilities • Produce jet fuel from municipal solid waste in large municipalities Objective: Further reduce greenhouse gas footprint of fuels from the Rentech Process to a level significantly below that of petroleum-derived fuels RoleRole ofof BiomassBiomass inin SyntheticSynthetic FuelsFuels Production:Production: DoEDoE StudyStudy ResultsResults • Synthetic fuels facility with appropriate mixture of coal and biomass can produce fuels with a net well to wheels carbon footprint 20% lower than would occur from production of low sulfur diesel from an existing conventional petroleum refinery Biomass co-feed can reduce carbon emissions Based on NETL Study StrategiesStrategies andand ExecutionExecution Strategy Execution • Accelerate deployment of the • Operation of commercial scale reactor Rentech Process in Adams County, MS • Develop strategic projects in the U.S. • Facilitate use of the Rentech Process at multiple sites • Develop a repeatable and scalable • Expandable in standard increments process • Maintain technology leadership • Continued innovation through research and development • Expand the reach of the Rentech • Domestic and international licensing Process on selected basis Objective: Establish Rentech as the leading North American synthetic fuels technology company CompetitivenessCompetitiveness ofof RentechRentech SyntheticSynthetic FuelsFuels $100.00 $89 $80.00 $72 $62 $60.00 $50 ($/bbl) $40.00 $20.00 $0.00 Average 2007 Crude Equivalent Average 2007 Cash Cost of FT Crude Price FT Diesel Cost ULSD Price Diesel Rentech fuels with a carbon footprint 20% less than that of conventional fuels are cost-competitive Note: Cost of FT diesel includes sequestration with EOR and availability of biomass. Source: CERA and Company data. ProductProduct DemonstrationDemonstration UnitUnit Sand Creek, Colorado • First fully-integrated synthetic fuels demonstration facility • Produce ultra-clean diesel, aviation fuels and naphtha • Training center for operators • Feedstock testing – Natural Gas –Biomass – Petroleum coke – Coal • Technology advancement • Validate technology scale-up • First production in Spring 2008 FirstFirst U.S.U.S. CommercialCommercial SyntheticSynthetic FuelsFuels FacilityFacility Rentech Strategic Fuels & Chemicals Complex Adams County, MS • Phase I: 1,600 bpd synthetic fuels production with completion in 2011 or earlier • Approx. $450 million capital investment with financing to be raised in next 12 – 18 mos. • Phase II: 28,000 bpd synthetic fuels and chemicals production • Site offers optimal product distribution, feedstock access and carbon dioxide solution • Site purchase by April 1, 2008 • Co-feed of pet coke with 5% biomass blend by BTU • Signed CO2 off-take agreement for EOR with Denbury Resources, Inc. for all captured CO2 at facility • Inducement for up to $2.75 billion in tax-exempt and taxable bonds approved NatchezNatchez PhasePhase II && PhasePhase IIII CombinedCombined EconomicsEconomics Total Revenue = $1,225.0 MM CO2 & Other(1) $141.5 (2) Naphtha $170.5 EBITDA Margin EBITDA = $716.6 MM $913.0 Jet Fuel(3) Labor & Maintenance $127.8 Consumables & Administrative $58.7 Expenses = $508.4 MM Feedstock(4) $321.9 Note: Assumes plant capacity of 29,600 barrels per day. ASU is purchased and owned. (1) Assumes sales of CO2, rare gases, electricity and sulfur. (2) Based on crude price of $70 per barrel. (3) Based on jet fuel price of $125 per barrel. (4) Assumes petroleum coke feedstock at $60 per
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